The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1887-03-24
AN UNLUCkY HAlF-MiLliON.
A Prosperous Man Ruined by Draw
ing n Fortune in n Lottery.

,
istan Is an inmate Of the Forrest HON,
recalls not only his drawing of $500, 00'
in the Royal Havana Lottery, but the
unhappy facility with which he---illus
trating most vividly the truth of the
venerable adage, EASY got, easy
spont'-got rid of this enormous amour
of money. r chard Penistan and his
wife was of English birth and profess
ional breeding, and were members oil
the stock company of the Arch Street
Theatre and playing responsible parts
before Wheatly and Drew became the
lessecs, about 1852. Mrs. Penistan, long
since deceased, was also playwright
of some note. and some of her plays
were represented on the American
stage Soon after the dissolution OF
the old Arch Street company, the
brown-stone building on the southeast
corner of Third and Chestnut streets
was erected and in the basement of
this Mr.. Penstan opened drinking
place, where he soon gained fame and
patronage and money by his pleasant
address and the quality of his liquors,
more particularly his ales, and here he
remained until about the middle of the
war OF the rebellion, when, his lease
having exp red and he refusing to keep
up possession, his stock of alcs and
other liquors was summarily set out
one night on the street by the landlord,
to the tenants great sur
prise and the equal surprise of
the storekeepers on Chestnut street. as
far as Second, who found their pave
ments on the following morning lined
with barrels. malt vinous and spiritu-
Gus. The evicted tenant then opened
in the eastern half of Browns building
at Fifth and Chestnut, and here he did
large business and very profitable
one up to the time of his lottery-draw-
ing. He was, however, during this
time more or less embarrassed linan-
cially through investments in horse
flesh, and this probably led him to in
vestments in lottery tickets, beginning
about n year and half the last of
March, 1873. when the Official an
nouncement of the drawing of the Roy
al Havana Lottery informed him that
his 800 ticket had drawn half-million
of dollars. AT this time he was the own
or of sixty-two horses, many of them
very valuable. In company with his
friend Whitney, the brewer. Mr.. Penis
tan ut once went to New York and
placed the ticket for collection with
August Belmont, receiving in cash, af-
ter some delay and litigation with
Mr. Whitney, who claimed share of
the prize, which was however, dsal-
lowed by the courts-S420, 000-SS0, 900
being charged by Belmont for collec-
ton, exchange, etc. Then upon re-
turning to Philadelphia Mr.. Penistan
sold his place on Chestnut street, with
portion of the stock, for S54, 900 and
another place at the northeast corner
of Eighth and Samson for $4,000. be-
sides which he had about $50. 900 of
liquors untouched and his horses. Up
or h liquors there was probably mon
ey owing, but in all he had undoubted-
" at least half-million in clear money
and probably more. He was a genial
man and had many friends. some of
them true ones, who advised him to put
half il not more of his money in
an irrevocablc trust fund. Instead OF
this he began operations on Third
street and inside of two years had
dropped there from $3.50. 900 to 5000
900. His dealing in horses too, went
on all the while, and he lost heavily on
Il stud farm near Lexington. Ky. He
was besides this badly defrauded by
the agents who ran or trotted his horses
in races, and his blooded colts when
sold at auction. although well adver
tsed and OF irreproachable pedigree,
went for songs. buyers combining not
to bid against each other and dividing
up their poorly-paid-for stock after
wards. In fact he was remorselessly
skinned bv horsemen and jockeys, and
in less than six years was reduced TO a
bare living upon the income of some few
investments he had made in his wealthy
days. This finally was exhausted,
and for some years past he has been in.
debted to the kindness of friends for his
...l.;.e.ooa H. hovyayor hrod coma